Gold is ready to do a correction of lower low structure. Last week it had tested at 1654 on its lowest point of the year. This week, there will be the FED interest rate decision which will likely push USD value to do higher high, this makes negative correlation to gold. While the USD is raising up, gold will be down accordingly.
Referring to Technical and statistics chart. You can see on my chart that all TF referring to Trend Diamond phase (Top right table) are all in down trend. MACD-V momentum is also recently in down-ward. We are waiting for US opening session to see the short term momentum of the market.
Currently the strategy of trend following will bring more favourable. However, you need to wait the correction and confirmation from the chart. Gold tried to reach 1680 this morning in Asia session but fail and drop to 1665. Take a look on Daily ATR level it has been test at ATR -50% already and next support zone will be ATR 75% of Sep 19 (1658)
Be careful if you open sell position. Try to place the position when the chart is at highest limitation of the day. Similar to buy position, you need to confirm it before place the order and keep in mind that it is the trend contrarian. The economics news this week may bring high volatility to gold. (Last week it was ranging about 80$ while the weekly ATR is about 55$)
My sell position is from 1680 which is the level of Support flipped to Resistant zone. My TP is 1654 which is its last lowest point of the year. My Expectation is gold will make Lower low and can be end up of this week on Friday below 1650.
See the statistics of monthly chart (bottom right table). In average it moved around 112$ , while in September is has moved only now (High - Low) around 80$ which means there is a possibility to go from 1735 - 112 = 1623$ by end of the month.
Just sharing the point of view, not trading advisory.
Referring to Technical and statistics chart. You can see on my chart that all TF referring to Trend Diamond phase (Top right table) are all in down trend. MACD-V momentum is also recently in down-ward. We are waiting for US opening session to see the short term momentum of the market.
Currently the strategy of trend following will bring more favourable. However, you need to wait the correction and confirmation from the chart. Gold tried to reach 1680 this morning in Asia session but fail and drop to 1665. Take a look on Daily ATR level it has been test at ATR -50% already and next support zone will be ATR 75% of Sep 19 (1658)
Be careful if you open sell position. Try to place the position when the chart is at highest limitation of the day. Similar to buy position, you need to confirm it before place the order and keep in mind that it is the trend contrarian. The economics news this week may bring high volatility to gold. (Last week it was ranging about 80$ while the weekly ATR is about 55$)
My sell position is from 1680 which is the level of Support flipped to Resistant zone. My TP is 1654 which is its last lowest point of the year. My Expectation is gold will make Lower low and can be end up of this week on Friday below 1650.
See the statistics of monthly chart (bottom right table). In average it moved around 112$ , while in September is has moved only now (High - Low) around 80$ which means there is a possibility to go from 1735 - 112 = 1623$ by end of the month.
Just sharing the point of view, not trading advisory.